Held that with regard to whether expenditure on initial public offer shall be allowable while computing the book profits under section 115JB, the Assessing Officer was directed to consider Explanation 1 to section 115JB and book profits taking into the treatment given to the receipt of the share capital in finalization of the accounts. (AY.2013-14, 2014-15)
ACIT v. PC Jewellers Ltd. (2022) 93 ITR 244 (Delhi)(Trib.)
S. 115JB : Book profits-Computation-Expenses on initial Public Offer-Assessing Officer to consider book profits as per treatment given in finalisation of accounts.